Petrol prices in New Delhi have been turning more volatile, as prices of crude oil have been showing a firm trend. It is important to check todays petrol price in New Delhi ₹ 81.70 (26th November 2020), especially if you are going for a long drive. Remember, petrol and diesel prices are revised daily, so you can lose much, if you are travelling on a long distance. The rupee has also moved lower against the dollar, which has made petrol prices in New Delhi more expensive than before. It is hoped that the government can reduce excise duties, so as to enable rates to become more cheaper in the coming days.
|Nov 25, 2020||₹ 81.59||₹ 0.00|
|Nov 24, 2020||₹ 81.59||₹ 0.06|
|Nov 23, 2020||₹ 81.53||₹ 0.07|
|Nov 22, 2020||₹ 81.46||₹ 0.08|
|Nov 21, 2020||₹ 81.38||₹ 0.15|
|Nov 20, 2020||₹ 81.23||₹ 0.17|
|Nov 19, 2020||₹ 81.06||₹ 0.00|
|Nov 18, 2020||₹ 81.06||₹ 0.00|
|Nov 17, 2020||₹ 81.06||₹ 0.00|
|Nov 16, 2020||₹ 81.06||₹ 0.00|
|Highest rate in November||Rs.81.70 on November 26th|
|Lowest Rate in November||Rs.81.06 on November 1st|
|Over all performance||Rising|
|Highest rate in October||Rs.81.06 on October 1st|
|Lowest Rate in October||Rs.81.06 on October 1st|
|Over all performance||No Change|
|Highest rate in September||Rs.82.08 on September 1st|
|Lowest Rate in September||Rs.81.06 on September 22nd|
|Over all performance||Falling|
|Highest rate in August||Rs.82.03 on August 30th|
|Lowest Rate in August||Rs.80.43 on August 1st|
|Over all performance||Rising|
|Highest rate in July||Rs.80.43 on July 1st|
|Lowest Rate in July||Rs.80.43 on July 1st|
|Over all performance||No Change|
|Highest rate in June||Rs.80.43 on June 29th|
|Lowest Rate in June||Rs.71.26 on June 1st|
|Over all performance||Rising|
|Highest rate in May||Rs.71.26 on May 5th|
|Lowest Rate in May||Rs.69.59 on May 1st|
|Over all performance||Rising|
Petrol prices in Delhi are now changing everyday, as against every 15 days before. We are providing daily petrol price rates, so you can check the same on goodreturns.in
The advantage of doing that is you know when to fill petrol and make maximum use of falling petrol prices. In any case Delhi petrol rates are much lower then some of the other cities in India. It also sets the trend for an increase or decrease in rates in various other cities of India. The rates would be largely determined by the largest oil marketing companies in India, that is Indian Oil, Bharat Petroleum and Hindustan Petroleum. You would do well to check the rates given the fact that if you fill same about 30 to 40 litres petrol you could tend to lose a lot. Now that petrol prices in Delhi have been dergulated like many other cities in the country.
Petrol rates in Delhi largely depend on how international prices of crude oil move. It is largely linked to international crude prices, which trade abroad. There is also an India crude basket, which largely determines the prices of Petrol in Delhi. It is always advisable to check the petrol prices, if you are planning to fill your automobile to the brim. A small change in rates can be mean a lot when you have larger volumes of diesel or petrol to fill. Diesel prices in Delhi also more or less move in a smilar way.
Lately, we have been seeing an increasing trend of petrol prices rallying in several cities. In fact, in places like Delhi they have now hit the Rs 82 per litre mark. This has happened as international prices of crude have gone higher and there is every possibility that there could be a further increase in prices.
The government has in the past cut the excise on petrol to make-up for the huge gains seen in the prices of petrol. However, any such cuts in the excise tends to impact the government's fiscal deficit.
If the trend of an increase in Delhi prices of petrol today continues, we may soon realize that rates have now hit a three year high and this is not good news for any government.
An urgent cut in the prices of the fuel is needed to be implemented by the government at the earliest.
Todays petrol prices in New Delhi are a result of a host of a factors that influence rates.
Among these include world prices of the fuel. At the moment Brent Crude prices are trading below $40. When these prices go higher, the India crude basket goes higher, which in turn alters the daily price of petrol in Delhi. A similar thing can be seen as far as diesel is concerned.
It is hence a good idea to check prices of the fuel before leaving your home. For the last few days there has been a declining trend at the retail level. Once petrol and diesel prices are bought under the ambit of the Goods and Services Tax, we may see these prices declining in the coming days. In the meantime, we would have to continue to pay the desired sum and wait for a fall in todays petrol rates in New Delhi.
Fuel rates in India depend on a host of things. Petrol prices in Delhi today depend on the India crude basket, transportation costs, value added taxes and excise duty levied by the government.
The fuel costs in the city are pretty high, though they are way lesser than what Mumbai charges. The city has one of the highest value added taxes, which has pushed petrol prices higher.
In India, when excise by the government is hiked, petrol prices in Delhi tend to increase. At the moment, excise is slightly more than Rs 21. The local government also tends to tinker with the value added tax, which tends to inflate the fuel rates.
The currency also plays a big role, in pushing the price of petrol and diesel either way. If rates tend to move in one direction heavily, the government can cut or hike rates accordingly.
Overall, it is likely that we will see sharp cuts in the prices of the fuel in the coming days. International prices have the biggest bearing and any drop in these tend to help rates cuts. Movement of the rupee against the dollar also tends to impact petrol and diesel prices accordingly.
So, for calculation of today's petrol price in Delhi one has to taken into account, excise, value added tax, India crude basket and currency movement.
The recent fuel updates can easily be tracked via an SMS service or a customer care service run by state-owned oil companies including Bharat Petroleum (BP), Hindustan Petroleum (HP), Indian Oil and Shell Oil. And you can even check online by visiting the websites of any of those oil companies. Based on the methods presented below, fuel consumers of Delhi can easily confirm the latest petrol or diesel of the capital city.
Type: RSPDEALER CODE and send it to 9224992249
For Indian Oil- 9224992249
Or else you can also track the same through your smartphone by downloading the Fuel@IOC, Smart Drive (BPCL), and My HPCL mobile apps.
On May, 2020 VAT on petrol climbed from 27 per cent to 30%, while VAT on diesel was nearly doubled to 30% from 16.75 per cent by Delhi's government. In the face of major declines in revenue during the coronavirus shutdown, many state governments have raised VAT on fuels currently beyond the range of GST. Although gas stations have been in the category of critical assets during this COVID year, sales have declined sharply due to the closure of factories, offices and limits on vehicle travel. Sales of petrol dropped by 61 per cent and diesel fuel by 56.5 per cent in April, but as the market sees a phased opening and easing of shutdown conditions at almost all the locations, demand is expected to increase this month. While crude oil prices have dropped by more than 60%, state-run fuel marketers have not been able to slash Indian market rates due to inventory shortages and declining demand.
Petrol and diesel rates keeps changing on a regular basis and it is believed that finding the ideal fuel price is a challenge as the key problem in consumers' thoughts is how to get the correct fuel price of Delhi. After all, numerous oil and gas firms such as Indian Oil, Bharat Petroleum and Hindustan Petroleum have leads to different methods for fuel consumers such as SMS, Mobile Apps and Customer Care support in order to stay updated with the daily petrol and diesel rates of any city across India. Fuel consumers can download such mobile apps from the default app store of their mobile phone. And this will enable Indian fuel consumers to conveniently track the perfect oil and diesel rates.
All major metro cities such as Mumbai, Kolkata, Bengaluru, Chandigarh, Chennai and including Delhi are following Dynamic Fuel Pricing mechanism from June 2017. The petrol rates vary across states, due to state taxes and other factors. Mobile applications, however, help fuel consumers to monitor fuel prices on-the-go and one can even access current fuel rates via SMS services or by visiting the website of a particular oil provider as described above. Here are the smartphone applications that help you to keep updated from your comfort on a regular basis with the latest fuel prices.
The mobile app Fuel@IOC-Indian Oil helps Indian oil fuel consumers to easily check the fuel prices of Delhi or any other city across India from the luxury of their home or workplace. This application is compatible on both IOS and Android devices for installation. IOS users can open the App Store and access the app and Android users can do the same by launching the Google Play Store. The mobile app of Indian Oil allows users to search for latest fuel prices on the go. It is recommended to check the petrol price of Delhi or your locality before fuelling your vehicle and considering this the Fuel@IOC-Indian Oil app is your ideal partner to stay updated with the latest petrol price of Delhi anytime anywhere. So before heading to your workplace you can now check the latest fuel price of Delhi by using your mobile phone, that means the simplicity and user-friendliness is just in your palms. Use this app to grasp the ongoing fuel price trend in Delhi with ease. For both Apple and Android phones, which are the most successful operating systems, Fuel@IOC-IndianOil is free to download. In case you are not an IOS or Android user you can directly access Indian Oil's official website to track the latest petrol price of Delhi. You can easily track the existing price of petrol in Delhi or your region without abandoning your comfort by accessing the site or using Indian Oil's mobile app.
My HPCL mobile app from Hindustan Petroleum also introduces a better category to keep abreast with fuel prices for petrol pumps. The app is available at the Android, IOS and Windows platforms. The My HPCL app contains sections like Outlets & Services, My Vehicle, Alerts, customer service line, Feedback, Help & Tips and also provides access to Insurance Renewal facility (with affiliate company), DTPLUS (HPCL Loyalty Scheme for fleet owners) and HPGAS (LPG) in order to offer changing fuel costs for the fuel users of Delhi. The concept of fluctuating fuel prices, commonly referred to as # MyFuelMyDayMyPrice, is dismissed by the majority as the cost of fuels such as diesel and petrol has been pushed into the area of fluctuations. While the entire move is believed to be user centric, fuel prices is now calculated in terms of international market conditions and USD to INR price movements. Delhi's petrol consumers can conveniently search the city's new petrol prices from sitting at home. Consumers can reach the revised cost of petrol every morning with a few clicks before going to the office or filling their vehicle's tank.
BPCL's SmartDrive smartphone application enables customers to preserve records of fuel station transactions and also facilitates in locating nearby fuel stations. SmartDrive is designed to capture customer and vehicle details so that it can provide you with regular updates on the PUC, insurance and operation of your vehicle, which is available in both Android and IOS platforms. SmartDrive also provides information about both Petrocard and SmartFleet loyalty transactions in relation to the particulars of Delhi's fuel prices. Your ratings will allow the BPCL to best serve you and you can now cherish the enhanced facilities at SmartDrive app by submitting your valuable ratings. To share your positive expressions or frustration at each of BPCL’s fuel stations you can now make it easy by uploading photos of the filling stations. SmartDrive has a way to build a good relationship with consumers and sponsors, and they guarantee that they can walk with you till end to be your best ideal need of fuel requirements. Admire the Bharat Petroleum drive today and install the SmartDrive app to stay tuned to Delhi's latest petrol price.
Petrol prices in Delhi are primarily influenced by the purchasing cost of crude oil, the exchange value, the profit of the dealer, the central excise duty, the VAT of the state government. The retail sale price of petrol will be influenced proportionately by any rise or decline in crude oil prices. The federal excise tax is the same nationwide, but the state VAT rate varies by state. As stated in the previous section, because of the lower state VAT levied on petrol in Delhi, a litre of petrol price cost you less in Delhi. Another significant factor is the exchange rate of the USD against the INR. The purchasing cost of oil will rise if the INR declines against the USD; the purchasing cost of oil will decline if the INR increases against the USD. The rate of petrol in Delhi will be affected similarly based on any highs and lows in crude oil markets.
Like every other India city, state-run oil companies like Indian Oil, Hindustan Petroleum, and Bharat Petroleum lead the petrol sector in New Delhi. Actively, all of these oil companies are updating diesel and petrol rates on a regular basis, commonly pointed to as dynamic fuel pricing. The current pricing mechanism was adopted and enforced in mid-June 2017 by the Government of India. All filling stations of Delhi either automated or non-automated updates the price of fuel at 06:00 a.m every day. Be sure to make a track of the revised rates that each bunk will reflect. Fuel prices are rising slightly in the city at present. Since you're a retail buyer, you may not be influenced much by regular price changes. Also, a small decline or a hike will make a major impact on your billing figure if you are a buyer of petrol in higher quantities. In reality, across the country, the latest fuel pricing strategy is in action. The framework is intended to help all fuel consumers, whether they are from Delhi or from other Indian cities. Within the framework, the pricing of petrol rate is transparent.
In the previous era, the country's fuel prices were regulated and modified every fortnight. Dynamic pricing has been implemented on current days, due to a multitude of changes in the political environment in the nation, and because of that, prices are changing every day. As we are all well informed, India's oil prices are something that both the central government and the state government impose their taxes on. This is essentially the explanation for the recent fluctuation in the price of petrol in various parts of the nation. There has been a rise in the state tax in the case of Delhi and this has subsequently affected the price of petrol in the city. The effect of the fluctuations in the global market is one of the other factors for the rapid increase in the price of petrol in Delhi. The effect of the global level, of course, is one of the other factors for the rapid increase in the price of petrol in Delhi. In Delhi, the rise in the global price of crude oil was destined to have an effect on the rate. We can only assume that Delhi may take the burden of it all, with economists expecting these prices to increase in the coming months.
The petrol prices gained in New Delhi despite a fall in the global crude rates owing to an oversupply issue.
The petrol rates in New Delhi recorded at Rs 81.70 per litre, up by 11 paise from yesterday’s price.
In the international markets, Brent stood at $47.92 per barrel, down by 1.42%; West Texas Intermediate (WTI) at $45.11 per barrel, down by 1.31%.
The fuel prices slipped from a seven-month high today as signs of oversupply issue have halted the rally of oil. The optimism over the vaccine development to treat the pandemic has uplifted the mood of the oil markets hoping for the revival of the fuel demand.
The rise in the coronavirus cases and subsequent lockdowns have worsened the scope for a revival of the oil industry.
The rising number of rigs employed in America and increased output production of oil in Libya has also caused further worry to the fuel prices.
As per the data, the U.S. oil stockpiles declined by 745,000 barrels last week as against a rise of 127,000 barrels based on Reuters analyst prediction.
Meanwhile, investors are waiting for the OPEC meeting as it is due next week to know the outcome of the crude supply in future.
The Organization of the Petroleum Exporting Countries (OPEC) and its partner Russia are likely to delay their previously planned increase in oil output to ease the crude rates amidst the second wave of pandemic and rising output from Libya.26 November 2020
The petrol prices were unchanged in New Delhi despite gains in the overseas fuel rates amidst hopes of vaccine to prevent coronavirus. The petrol rates in New Delhi spotted at Rs 81.59 per litre.
In the global scenario, Brent stood at $48.08 per barrel, up by 0.46%; West Texas Intermediate (WTI) at $45.09 per barrel, up by 0.40%.
After five consecutive days of hike in the petrol rates in New Delhi, the state-run oil companies have not changed the petrol prices in the national capital today.
The oil industry was struggling to revive since the outbreak of the pandemic crisis. The weak fuel demand had weighed on the prices to fall. At one point during April 2020, the crude rates crashed to zero and traded in negative numbers.
But the hopes of a vaccine to prevent the virus infection has uplifted the mood of the oil industry driving its prices to jump over the last two weeks.
This week, AstraZeneca announced its vaccine showed 70% effectiveness during trials and could be 90% effective. The news provided another tool to control the pandemic.
Meanwhile, the formal start of the U.S. President-Elect Joe Biden’s transition to the White House has improved the global forecast.
The oil markets seem to have shrugged off the latest data from the American Petroleum Institute (API) as it reported a rise in the U.S. crude inventories by 3.8 million barrels during last week. Though, the official data from the U.S. government is yet to be released later today.25 November 2020
The petrol prices inched up in New Delhi following trends from the overseas markets as hopes of vaccine development has spurred a quick revival of the global economy. The petrol rates in New Delhi recorded at Rs 81.59 per litre, up by 6 paise.
In the international platform, Brent traded at $46.54 per barrel, up by 1.04%; West Texas Intermediate (WTI) at $43.56 per barrel, up by 1.16%.
The coronavirus vaccine trials and the aftermath positive results have helped the fuel prices to march up firmly over the last two weeks. The crude prices are trading near $47 per barrel during today’s trade session.
The news about the positive clinical trial results of the coronavirus vaccine has increased optimism of the revival of the fuel demand for next year, supporting the rally for oil.
The Britain based pharma company, AstraZeneca reported that its vaccine for coronavirus was 70% effective in trials and could be up to 90% effective. After Pfizer and Moderna, AstraZeneca will be the third company giving the fight against the pandemic a third vaccine to the world.
The possible drop in the U.S. crude inventories during last week has also uplifted the fuel prices to gain during today’s trade session.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies will meet on November 30 and December 1, to decide on the future of global crude supply after completing the technical talks this week.24 November 2020
The petrol prices inched up in New Delhi following cues from the overseas markets as positive news about the vaccine to cure the virus infection has paved the way for the revival of fuel demand, weighing on its prices. The petrol rates in New Delhi traded at Rs 81.53 per litre, up by 7 paise.
In the international markets, Brent recorded at $45.44 per barrel, up by 1.07%; West Texas Intermediate (WTI) at $42.78 per barrel, up by 0.85%.
The news about the development of a vaccine to cure the pandemic has boosted the oil prices to gain strength over the last few days. Today, the fuel prices rose by over 1% and extended its previous week’s rally after traders eyed fuel demand recovery in the coming days.
So far, Pfizer and Moderna had announced positive news on clinical trial results of their vaccine. Today, AstraZeneca, the British based pharma company announced that its vaccine is around 90% effective to prevent coronavirus.
The oil markets witnessed turmoil since the outbreak of the pandemic crisis as fuel demand hit to lowest possible level in the history following lockdown norms announced by the governments to curtail the spread of the virus, due to its epidemic nature.
But the news from the major pharma companies about the positive clinical trial results has helped the oil prices to ramp up.
Even the Organization of the Petroleum Exporting Countries (OPEC) and its allies are all set to seek options to extend the existing deal on supply output cuts for at least three months starting from January 2021.
The weak fuel demand amidst rolling out of new lockdown restrictions in Europe and the U.S. has forced OPEC and its partners to weigh strongly on delaying their earlier plans to ease oil supply.23 November 2020
The petrol prices inched up in New Delhi following global trends amidst hopes for vaccine boosts the oil industry. The petrol rates in New Delhi traded at Rs 81.23 per litre, up by 17 paise.
In the overseas markets, Brent traded at $44.25 per barrel, up by 0.11%; West Texas Intermediate (WTI) at $41.52 per barrel.
The positive news surrounding the development of a vaccine to prevent the coronavirus has given the much-needed boost for the oil industry. The oil prices witnessed a downward trend since the outbreak of the pandemic crisis is all set to record its third straight weekly gains.
Both the U.S. crude benchmarks grew by over 4% this week.
The prospects of an effective vaccine to cure the virus and the hopes that the OPEC and its members will keep the production output in check has bolstered the fuel prices to march up.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies are likely to either delay their planned production increase. The group will meet on November 30 and December 1 and is looking for options to delay the output cuts by at least three months starting from January 2021.
The tapering of the oil producers club of their 7.7 million barrels per day (bpd) will cut by around 2 million bpd, pumping in more oil to the markets amidst muted fuel demand.
Libya has ramped up oil production over the last few weeks leading to oversupply glut issue in the markets, a challenge for the OPEC. As per the reports, the country has managed to raise the production to its pre-blockade levels of 1.25 million bpd.20 November 2020
The petrol prices in New Delhi is unaffected even as the fuel prices in the overseas markets declined due to the rise in the pandemic cases worldwide. The petrol rates in New Delhi stood at Rs 81.06 per litre.
In the global scenario, Brent stood at $43.94 per barrel, down by 0.90%; West Texas Intermediate (WTI) at $41.24 per barrel, down by 1.39%.
The continued surge in the virus infection cases across the world has halted the rally of the oil rates. The positive news about the vaccine to cure the infection had boosted the oil rates to gain over 10%.
The death rates in America due to coronavirus, surpassed milestone tally of 250,000 yesterday, as New York city ordered to close the public schools. In Tokyo, the total number of daily cases hit a record high of 534. Russia surpassed 2 million pandemic cases.
The growing number of cases has cast a shadow over the optimism surrounding the invention of the vaccine to cure the virus. Pfizer and its Germany Partner – BioNTech is seeking authorization from the U.S. and Europe for their vaccines next month.
The introduction of new restrictions in the U.S. has weighed on the Wall Street leading a drift in the Asian shares as it drifted to slump at all-time highs today.
The current scenario is likely to force the Organization of the Petroleum Exporting Countries (OPEC) and its allies to postpone their earlier decision to pump in 2 million barrels per day (bpd) starting from January 2021.19 November 2020
The petrol prices traded flat in New Delhi despite inching up of global crude rates in the overseas markets amidst likely delay in OPEC + members to supply oil output owing to surge in pandemic infections. The petrol rates in New Delhi stood at Rs 81.06 per litre.
In the international scenario, Brent was recorded trading at $44.69 per barrel, up by 2.15%; West Texas Intermediate (WTI) at $42.30 per barrel, up by 2.10%.
The rising hopes that the Organization of the Petroleum Exporting Countries (OPEC) and its members are likely to delay their previously planned increase in fuel output has boosted the oil prices to march up during today’s trade session.
The mounting cases of the virus in the U.S., Europe and other parts of the world has forced OPEC and its partners to rethink about their earlier decision to ease around 2 million barrels per day (bpd) of crude beginning from January 1, 2021.
To tackle the existing weak fuel demand, the oil producers club headed by Saudi Arabia had called up its members to be flexible in responding to the market needs.
Meanwhile, the higher than expected rise in the U.S. crude stockpiles has curtailed the rally of fuel prices.
As per the reports from the American Petroleum Institute (API), the U.S. crude inventories expanded by 4.2 million barrels during last week as against the analyst expectations of an increase of 1.7 million barrels. Though, the official data from the Energy Information Administration (EIA) is due to be released later today.18 November 2020
The petrol prices in New Delhi is constant despite gaining in the overseas markets following news about second coronavirus vaccine and possible supply cuts by OPEC. The petrol rates in New Delhi traded at Rs 81.06 per litre.
In the international markets, Brent was trading at $43.75 per barrel; West Texas Intermediate (WTI) at $41.24 per barrel.
The crude prices edged up today following news of the second vaccine which has proved to cure the virus more effectively. Apart from this, the OPEC and its allies are likely to cut fuel supply in the coming days boosting the fuel rates.
The Organization of the Petroleum Exporting Countries (OPEC) and its member partners are all set to meet on November 30 and December 1. During this meeting, the members expected to alter their previous decision on fuel supply and are likely to change quotas for tightening supply policy next year.
The recent decision by many European countries to impose new lockdown norms to curtail the spread of the pandemic has led to the muted fuel demand. The weak demand for crude has forced the OPEC to change their plans to ease the supply by pumping in around 2 million barrels per day (bpd) of crude beginning from January 1, 2021.
Meanwhile, the news from Pfizer about the positive clinical trial results of its vaccine to cure the virus has helped the oil to gain strongly over 10% since the last six – days.
Moderna, this week announced that its vaccine to be 94.5% effective to cure the coronavirus giving a boost to the oil markets for revival in coming days.17 November 2020
The petrol rates traded constantly in New Delhi despite a drop in the global crude rates amidst mounting infections globally and more output from Libya. The petrol prices in New Delhi stood at Rs 81.06 per litre.
In the international markets, Brent stood at $42.78 per barrel, down by 1.72%; West Texas Intermediate (WTI) at $40.12 per barrel, down by 2.43%.
The oil prices declined by around 2% yesterday following pressure from mounting output from Libya and worries about the rising pandemic cases as it will slow down the global economic recovery and mute the fuel demand.
As per the data from the National Oil Corp of Libya, the country has managed to pump out 1.2 million barrels per day (bpd) up from the November 7th’s record of 1.0 million bpd.
The rise in Libya’s output amidst muted fuel demand has weighed on the oil prices to inch down during today’s trade session.
The news about the coronavirus vaccine had boosted the oil prices to scale up sharply over the last couple of days. But the rally in the infections globally and the logistics involved when the vaccine is rolled out to the market faded hopes.
The unexpected rise in the U.S. crude inventories has also capped on the fuel prices. As per the data obtained from the government, the crude inventory rose by 4.3 million barrels during last week as against the expected fall of 913,000 barrels as per analysts expectations.
The new coronavirus infections surged up in the U.S. and elsewhere at record high levels, tightened restrictions around the movement of the people leading a tough stance for the oil recovery.14 November 2020
The petrol prices are unchanged in New Delhi despite a fall in the global fuel rates amidst the rise in pandemic cases hampering the recovery of the oil industry. The petrol rates in New Delhi recorded at Rs 81.06 per litre.
In the overseas markets, Brent stood at $42.91 per barrel, down by 1.42%; West Texas Intermediate (WTI) at $40.39 per barrel, down by 1.78%.
The worries surrounding the revival of the industry has led to a drop in the crude rates. Since, the outbreak of the coronavirus, the oil industry is reeling under pressure as it struggles to witness progressive improvement in the fuel prices.
The restriction of people’s movement owing to lockdowns imposed by several governments globally has led to weak fuel demand, weighing on its prices.
Recently, Pfizer announced that its vaccine is effective to cure the coronavirus by more than 90%, raising hopes of people globally. The news helped the oil market to stay on track to record its second straight weekly gain.
As per the data, both the U.S. crude benchmarks gained around 9% for the week.
The surprise rise in the U.S. crude stockpiles by 4.3 million as against the analyst expectations of a drop of 913,000 barrels has again added pressure on the crude prices.
Recently, the International Energy Agency (IEA) said that it expects that the global fuel demand is unlikely to surge following the rolling out of the vaccines until well into fiscal 2021.
The mounting virus cases may prompt the Organization of the Petroleum Exporting Countries (OPEC) to rethink about its decision to ramp up output by 2 million barrels per day (bpd) beginning from January 2021.13 November 2020